ANC National Working Committee on the closure of VBS Mutual Bank

15 October 2018

The African National Congress National Working Committee today, Monday the 15th of October 2018 at its regular sitting discussed the dire situation that has faced citizens (Pensioners, individual depositors and residents of affected municipalities) of our country in view of the closure of VBS Mutual bank.

The NWC has studied the report commissioned by the South African Reserve Bank prudential authority, and has since referred the report in respect of its members to its Integrity Commission to expeditiously attend to the matter

The ANC NWC noted the work done by the National Department of Cooperative Governance and Traditional Affairs (Cogta) to examine all the illegal actions undertaken by various municipalities who acted against the Municipal Finance Management Act (MFMA) and made deposit to a mutual bank.

The ANC NWC urges law enforcement agencies to act speedily and with precision including following up on illegal actions by of any entity or individuals.

Earlier today National Officials met with the Officials of Limpopo, to discuss the response of the province to the serious allegations raised in the report and to further notify them of the immediate steps that the organization will be undertaking.

The ANC NWC echoed the same sentiments with the ANC leadership of Limpopo that where there have been wrong doing by individuals and institutions, heads must roll, and the law must take its cause without fear or favor.

The manner, in which authorities process this report, will be an important indication on our nations commitment to renewal and ethical leadership.

Issued by the African National Congress
Ace Magashule
Secretary General